White Mountains closes $224M acquisition of 50% of Distinguished Programs, now holds 51% control

WHITE MOUNTAINS INSURANCE GROUP LTD

Closed acquisition of 50% of AQ Phoenix Parent, L.P. (Distinguished Programs) for $224M in cash on Sept. 2, 2025.
Combined with existing ~1% interest, White Mountains now owns a 51% controlling interest in Distinguished Programs.
Transaction closed via indirect wholly owned subsidiaries WM Monroe Holdings, Inc. and WM Phoenix GP, LLC.
No additional financing or regulatory conditions disclosed post-closing.

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